Net Income of $398 million by Marriott in the first quarter

Wednesday, May 9, 2018



Marriott HotelsA first quarter net income of $398 million has been reported by Marriott International with a seven percent increase from last year.



The adjusted net income for the first quarter came to $487 million showing a 30 per cent increase over last year.The diluted earnings per share was $1.09 for the first three months of the financial year. A 15% increase from last year.



First quarter adjusted net income totalled $487 million, a 30 per cent increase over the prior year adjusted results.While the first quarter adjusted diluted earnings per share came to $1.34. This was 40 per cent increase over the first quarter of 2017 adjusted results.




Arne Sorenson, president and chief executive officer of Marriott International mentioned that the Worldwide constant dollar RevPAR increased 3.6 per cent. This exceeded the high end of their expectations for the first quarter which reflected solid economic growth across the world.




Considering the improved demand fundamentals, the expectations for 2018 worldwide constant dollar RevPAR grew to three-to-four per cent. This showed a 1.5 percentage point increase over the mid-point of their prior guidance.



A new record of almost 465,000 rooms was reached and they maintained their track of additions of 5.5 to 6% with net of deletions for 2018.



As per STR number of luxury and upper-upscale rooms  in their pipeline at the end of the first quarter exceeded the next three global competitors combined.



In the first quarter the adjusted earnings before interest, taxes, depreciation and amortization at Marriott came to around $770 million. It showed an eight per cent increase over the first quarter 2017 adjusted EBIDTA.


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